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Under Australian law, the term insolvency is usually used with reference to companies, and bankruptcy is used in relation to individuals. [1] Insolvency law in Australia tries to seek an equitable balance between the competing interests of debtors , creditors and the wider community when debtors are unable to meet their financial obligations.
The Australian Financial Security Authority (AFSA) is an Australian executive agency part of the portfolio of the Attorney-General that primarily exists to handle bankruptcy applications. [1] The agency was formed in 1999 with the passing of the Public Service Act 1999, [ 2 ] succeeding "Insolvency & Trustee Service Australia".
On 1 February 1977 the bankruptcy jurisdiction was transferred to the newly established Federal Court of Australia. [ 3 ] [ 4 ] [ 5 ] No new cases could commence in the Federal Court of Bankruptcy after 1 February 1977, [ 6 ] however the Court was not formally abolished until 1995, [ 7 ] after the last judge, Charles Sweeney retired.
Key takeaways. There are two common types of bankruptcy: Chapter 7 and Chapter 13. Filing for bankruptcy is a time-consuming process that can take years to stop affecting your finances.
The Federal Court has no constitutional jurisdiction- its jurisdiction is provided by statute. [3] [4] The Court's original jurisdiction include matters arising from Commonwealth legislation such as, for example, matters relating to taxation, trade practices, native title, intellectual property, industrial relations, corporations, immigration and bankruptcy.
Apply for an income-driven repayment plan. If you only have federal student loans, income-driven repayment plans let you pay a percentage of your discretionary income for 20 to 25 years before ...
In Australia, bankruptcy is a status which applies to individuals and is governed by the federal Bankruptcy Act 1966. [16] Companies do not go bankrupt but rather go into liquidation or administration , which is governed by the federal Corporations Act 2001 .
The Court was known as the Federal Circuit Court of Australia and the Act as the Federal Circuit Court of Australia Act 1999. [ 2 ] [ 3 ] Its first judicial officers were appointed in 2000; it first applications were filed on 23 June 2000 and the Court's first sittings were conducted on 3 July 2000 in Adelaide , Brisbane , Canberra , Melbourne ...